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EVERETT 2044 <br />COMPREHENSIVE PLAN <br /> <br /> <br /> <br /> 6/17/2025 <br />COMPREHENSIVE PLAN <br />TRANSPORTATION ELEMENT <br /> Page 128 <br />PROJECTED PROGRAM COSTS <br />Program Annual Cost <br />Estimate <br />Estimated Cost over <br />Twenty Years <br />Sidewalk Completion Program $300,000 $6,000,000 <br />Roadway Safety Projects $1,200,000 $24,000,000 <br />Studies $100,000 $2,000,000 <br />Preservation and Maintenance $7,500,000 $150,000,000 <br />Commute Trip Reduction Program $200,000 $4,000,000 <br />On-demand/microtransit Operations $2,000,000 $40,000,000 <br />Total $11,300,000 $226,000,000 <br /> <br />Funding Sources <br />This section documents funding sources currently used by the City to advance projects as well as <br />additional funding sources and strategies the City could employ to optimize its transportation network. <br />The funding mechanisms Everett uses for transportation projects varies. Below is a description of some <br />of the key sources of revenue for transportation projects. The City’s most recent budget has a detailed <br />description of current revenues and expenditures. <br />Property Tax <br />A property tax is the primary source of revenue for the general fund. It is the City’s main operating fund, <br />and is used for general operating and administrative needs. This fund does not account for business-like <br />activities the city government runs such as utilities, and money can be transferred into or out of the <br />general fund. <br />State - Shared Revenues <br />State-shared revenues are funds collected at the state level that are then distributed to local agencies <br />either based on population or other formulas. These motor vehicle fuel and multi-modal transportation <br />tax. <br />Traffic Impact Fees <br />Traffic Impact Fees (TIF) are authorized as a revenue source by the Washington State Growth <br />Management Act. These fees are levied on new development as a method to pay for the increased <br />demand that development puts on infrastructure. Accordingly, TIF revenue is dependent on <br />development activity and has broad project eligibility. <br />Real Estate Excise Tax <br />Real Estate Excise Tax (REET) is an optional tax collected on the sale of qualifying real estate sales. REET <br />is dependent on the amount of real estate sales and tends to fluctuate from year to year. Senate Bill <br />5972 enacts up to 0.25% of the annual sales for real estate for capital facilities. The Growth <br />management Act authorizes another 0.25% for capital facilities. Revenues must solely be used for <br />financing new capital facilities, or maintenance and operations at existing facilities, as specified in the <br />capital facilities plan. The Real Estate Excise Tax was specifically enacted as a part of the state’s growth